Annual guidance raised
insurance news
By
Munich Re has reported its financial results for the three months ending September 30, 2023.
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metric
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Q3 2023
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Q3 2022
|
|---|---|---|
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net result
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€1.17 billion
|
€1.10 billion
|
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Insurance revenue from insurance contracts issued
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€14.46 billion
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€14.64 billion
|
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Total Technical Result
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€2.22 billion
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€1.73 billion
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|
investment results
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€760 million
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€691 million
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currency results
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€309 million
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€568 million
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operating result
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€1.78 billion
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€1.34 billion
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Of the group’s net result in the period, €995 million came from the reinsurance segment. Broken down further, €351 million was contributed by life and health reinsurance; €644 million, property-casualty reinsurance.
Commenting on the figures, Chief Financial Officer Christoph Jurecka said: “Munich Re’s excellent business performance continued uninterrupted in the third quarter. Unlike last year, we benefited from a relatively mild hurricane season in the North Atlantic. Accordingly, despite various other natural catastrophes, major loss expense in property-casualty reinsurance was lower than expected.
“Strong performance in our other operating segments led to positive results. Ultimately, we can report a net result of approximately €1.2 billion for the third quarter and €3.6 billion for the first nine months of the year. We are confident that we will exceed our previous annual target of €4 billion and have raised guidance to €4.5 billion.
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